Forest City Enterprises on Friday abandoned the proposed South Stadium Project, a $300 million mix of housing and commercial businesses in downtown Fresno.

The company had exclusive development rights to 85 acres south of Chukchansi Park since 2004, but was unable to raise the last $100 million it needed, said Kevin Ratner, president of Forest City Residential West.

"After considerable analysis and collaboration with the Fresno Redevelopment Agency, it has become clear that the financial gap is simply too great to develop a high-density, mixed-use project at this time," Ratner said in a statement.

Forest City's 85-acre South Stadium project will involve a 12-block outdoor shopping district that will include not only 690,000 sq. ft. in new retail and a cinema, but also about 500 housing units, including apartments and townhouses.